## Union of Comoros: Request for a Staff-Monitored Program-Press Release; and Staff Report

_IMF Staff Country Reports, October 29, 2021_

## Source details

**Canonical URL:** [Union of Comoros: Request for a Staff-Monitored Program-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2021/10/27/union-of-comoros-request-for-a-staff-monitored-program-press-release-and-staff-report-498502)

## Other formats

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## Bibliographic details
- Published: October 29, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513598086.002

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### Summary
- Comoros is a small, fragile island state (population: 850,000) with persistently low and shock-prone growth.
- The last Article IV Consultation (completed in early 2020) assessed Comoros’ fragility as arising from two vicious circles:
  - economic fragility manifests in low fiscal revenue, insufficient government investment in human and physical capital, and pronounced vulnerability to shocks; and
  - institutional fragility manifests in governance challenges, low government implementation capacity, and a weak judicial system.
- The circles feed into each other, undermining economic performance and stability.
- Overcoming fragility requires breaking both circles.

### Major themes and substantive findings
- Fragility diagnosis:
  - Two interacting vicious circles: economic fragility and institutional fragility (text reproduced exactly).
- Economic characteristics:
  - Persistently low growth and high shock vulnerability.
- Institutional challenges:
  - Governance challenges, low government implementation capacity, and a weak judicial system (text reproduced exactly).

### Policy orientation and areas of focus (as indicated by subject tags)
- Subjects associated with the publication:
  - COVID-19
  - External debt
  - Health
  - International organization
  - Monetary policy
  - Public debt
  - Public financial management (PFM)
  - Revenue administration
- Keywords highlighting scope and concerns:
  - Africa
  - burden indicator
  - COVID pandemic
  - COVID-19
  - Global
  - IMF's transparency policy
  - implementation capacity
  - SMP design
  - SMP objective
  - Southern Africa
  - Sub-Saharan Africa
  - West Africa

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- **1comea2021001**
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_Source: https://www.imf.org/en/publications/cr/issues/2021/10/27/union-of-comoros-request-for-a-staff-monitored-program-press-release-and-staff-report-498502_